This post is a little bit about a number of things…
First interest rates; today a 30 year fixed rate mortgage is 5.49% compared to 5.95% just over two weeks ago (and a full 1.00% below what it was 18 months ago). As I have said many times recently, and yes I probably do sound like a broken record, these rates are unbelievable.
I spent the weekend showing homes and made several observations to share as I went around this weekend. There are a large number of vacant homes and condos for sale right now (motivated sellers). And this should come as no surprise, the builders are very aggressive and very motivated right now. There are lots of incentives out there and not all are advertised. If you are thinking about new construction whether it’s building or simply buying a market home, it is a great time to do so.
A buyer asked me the other day; “How will I know when the housing market has bottomed?” My answer: You won’t. The only sure way to know that the market has bottomed out is when it’s on the way back up, and if it’s on the way up, it’s too late. What I do know is the market has dipped and we are at the bottom of that curve. It’s okay to buy down here.
Finally in the last two weeks there have been 116 new listings come on the market in West Chester and Liberty Township, Ohio and there have been 41 pending sales in that time. So things are selling and we are continuing to see a great deal of new listings.
